Bitcoin at $37,000: new record for the price of BTC
Bitcoin at $37,000: new record for the price of BTC

Bitcoin at $37,000: new record for the price of BTC

By Marco Cavicchioli - 7 Jan 2021

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Today the price of bitcoin has recorded a new record high. In fact, for the first time in its history, it has exceeded $37,000, reaching for a moment as high as $37,700. 

Yesterday it had exceeded the psychological threshold of $35,000 for the first time, while the first crossing of $30,000 dates back only five days ago. 

In the last week, it has gained almost 30%, while in the last month it has almost doubled, going from $19,000 at the beginning of December to almost $38,000 today. 

If compared to three months ago it has almost quadrupled, considering that at the beginning of October a bitcoin was worth about $10,000, then became $20,000, and now almost $40,000. 

It is worth noting that the market capitalization has also set a new all-time record, exceeding $700 billion for the first time. 

Bitcoin, record price drags Ethereum as well

The price of ETH is also performing well, with an increase of more than 60% in the last seven days. It’s still not an absolute record, but the current $1,200 is not far from the $1,432 touched on January 13th three years ago. 

ETH’s market capitalization has already surpassed the previous all-time high today, coming close to $140 billion for the first time in history. On January 13th, 2018, it had stopped at $137 billion, due to a smaller number of ETH in circulation. 

BTC and ETH combined are worth almost $850 billion, or more than 80% of the entire crypto market capitalization.

It should also be pointed out that, for the first time in history, the market capitalization of all cryptocurrencies exceeded $1 trillion, which is more or less the market capitalization of Alphabet, Google’s holding company. 

However, these increases, rapid and parabolic, suggest that sooner or later a correction may be triggered, but neither the timing nor the magnitude are yet known. 

On the 4th of January, it seemed that such a correction may have been triggered, but it was only a very short downward oscillation, probably due to a consolidation of the crypto market before restarting. 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded and the Facebook group" Bitcoin Italia (open and without scam) ".

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